On February 28, 2020, Pennsylvania-based solar developer Glidepath Ventures announced that it sold its first projects: a 278-megawatt, 12-project portfolio to Canada’s Grasshopper Solar and an additional four projects totaling 887-megawatts to an unnamed independent power producer.[1] The majority of the projects bought by Grasshopper Solar are expected to come online in 2021 and 2022. According to Glidepath, the developer will move the projects through the permitting and interconnection processes. Glidepath will then transfer the portfolio to Grasshopper Solar at notice to proceed (NTP), which is a formal notice that construction can begin. Grasshopper Solar will then construct, own, and operate the projects. Grasshopper has committed more than $300 million to the projects and will lead funding.

All of the projects are being developed in Pennsylvania—an unusual choice given that the state only has 475 megawatts of solar installed and is more well known for its fossil fuel production. A partner at Glidepath Ventures, Geoff Underwood, said the company is attracted to places with little political intervention because the market won’t dry up when incentives do. Solar Energy Industries Association (SEIA) and WoodMac’s report on solar backs up this claim, stating that long-term solar industry growth after tax credits expire will be “contingent on geographic diversification outside of legacy state markets”.[2]

[1] http://glidepathventures.com/glidepath-ventures-breaks-out-with-1gw-solar-portfolio-sale/

[2] https://www.seia.org/research-resources/solar-market-insight-report-2019-q4